Homework Answers
Ans:
GDP is the market value of final goods and services produced by a country during a specific period of time.
a) Nominal GDP in year 2 = quantity in year 2 * price in year 2
= (150 * $4.5) + (900 * $60)
= $675 + $54,000
= $54,675
b) Real GDP in year 2 = quantity in year 2 * price in year 1
= (150 * $3) + (900 * $30)
= $450 + $27,000
= $27,450
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